The Iloilo City Government has taken a major step towards addressing the housing needs of its residents with the signing of a Memorandum of Understanding (MOU) on May 21 for the USWAG Low-Rise Residential Building project. This initiative, set to rise in Barangay San Isidro, Jaro district, will provide 120 units of affordable housing for hardworking City Hall employees.
The MOU was signed by Mayor Jerry P. Treñas, together with Executive Assistant Raisa Treñas-Chu, representing the City Government; Fermin Sta. Teresa Jr., Senior Vice President of Pag-IBIG Fund’s Business Development Sector, and Engr. Noli Armada, Vice President of Home Lending Operations.
Also in attendance was Ms. Sheila Luz Ching, Assistant Vice President of SM Development Corporation (SMDC), a key private sector partner.
Beyond Housing
The significance of this project extends beyond the provision of housing. It serves as a model for similar initiatives, with the Pag-IBIG Fund aiming to use it as a benchmark for future countryside housing projects by local government units. “We will highlight it as one of the best countryside housing initiative projects by a local government unit,” said Sta. Teresa Jr.
The USWAG Low-Rise Residential Building project will offer spacious 30-square-meter units appraised at around P3 million.
However, these homes will be made available to eligible City Hall employees for just P450,000. This opportunity is specifically for those who have served for at least five years with a Salary Grade of 8 and below, making homeownership attainable for those who may otherwise struggle to afford it.
“This project signifies more than just a formal agreement but a foundation for a more secure and prosperous life for our beneficiaries,” Treñas-Chu stated. This reflects Iloilo City's vision of being a livable home for empowered Ilonggos and fostering inclusive and vibrant communities.
Socialized
The project is particularly notable as it is one of the few socialized vertical developments approved by the national government during the pandemic. It also stands out as the only project at the time to access an escrow account for building construction, highlighting its innovative approach to financing and development.
The success of this project is also due to the collaborative efforts of various partners, including Couples for Christ-Answering the Cry of the Poor, and the Department of Human Settlements and Urban Development. Their support underscores the importance of multi-sector cooperation in addressing housing issues.
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